Steel Authority of India Limited (SAIL) has released the transcript of its conference call held on February 2, 2026, with analysts and investors to discuss the financial results for the third quarter and nine-month period of FY25-26. The call featured insights from Mr. Ashok Panda, Director (Finance), who provided an overview of the economic landscape, both globally and domestically, highlighting India's robust economic growth projections and the positive momentum in the Indian steel industry. He noted a significant increase in steel consumption and production, with India becoming a net exporter. SAIL's performance for the nine-month period showed a 2% growth in crude steel production to 14.35 million tonnes and a 4-5% growth in saleable steel. Sales volume increased by 16.3%, leading to inventory reduction and a decrease in borrowings. Revenue rose by 9% to ₹79,997 crore, and Profit After Tax (PAT) saw a substantial 60% increase compared to the previous year, attributed to operational efficiencies, cost optimization, and treasury management. The company managed to reduce its debt by approximately ₹5,000 crore during the nine-month period. Looking ahead, SAIL anticipates an uptick in pricing in the fourth quarter due to stable coal prices and market support, expecting continued growth and good margins. The company is also progressing with its expansion plans, including the IISCO project, which is estimated at ₹36,000 crore and is expected to be completed within three years, significantly boosting profitability. A revised CAPEX guidance for FY26-27 is set at ₹15,000 crore, with a substantial portion allocated to the IISCO expansion. The management discussed price increases in both long and flat products, with significant hikes reflected in January and expected to continue in February. Coking coal costs are also on the rise, with an expected increase in February and March, though the company aims for stabilization. SAIL is focusing on enriching its product mix by reducing semi-finished steel production, with a new 1-million-ton TMT bar mill at Durgapur Steel Plant expected to be operational in about two years, aiming to bring semi-finished steel production close to zero. Regarding operational incidents, the Bokaro SMS is back to full capacity, and the Bhilai SMS, after a brief downtime for repairs, has also resumed normal operations. The company is implementing measures to avoid future incidents. SAIL is targeting a hot metal production of around 20.5 to 21 million tonnes for the full year FY26, with a sales volume target of approximately 19.5 million tonnes. The company also reaffirmed its commitment to sustainable performance, decarbonization, capacity utilization, value addition, and cost competitiveness, aiming for a significant increase in top-line revenue for the current fiscal year.
